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Big Law Banks On Contingency Fees to Maximize Profitability
In a quest to maximize profitability, Am Law 200 law firms have grown their share of business tied to contingency fees, a gamble that has paid off for some firms in recent years.
Kirkland & Ellis, Crowell & Moring, Quinn Emanuel Urquhart & Sullivan and Susman Godfrey are among the firms that have represented plaintiffs on a contingency fee basis, agreeing to take on certain litigation in return for a portion of any recovery in a settlement or judgment.
And it's not just these firms, say litigation funders. "It's fair to say we've seen a noticeable increase in interest in building out plaintiff side practices among the more traditional defense-oriented law firms," said Evan Meyerson, director at Burford Capital, in an interview. "There's a growing desire to become—and comfort level with becoming — truly the one-stop shop for their institutional clients."
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